Duterte pushes Congress on more foreign investments

Bloomberg

Philippine President Rodrigo Duterte pushed for opening the economy to more foreign investments in his final address to Congress, where he also pledged pandemic support to help businesses bounce back and defended his much-criticised drug war.
Duterte called on lawmakers to amend laws to ease restrictions on international retailers and professionals, as well as to allow foreigners greater ownership in some public utilities. He also pushed for further tax reforms and the completion of infrastructure projects outside Manila.
“This is by no means my swan song,” Duterte said on Monday. “I shall never cease to implore Congress to pass vital and critical legislation as well as to push the entire government to ensure nothing less than the full recovery and revitalisation of our country.”
The Philippine leader said that his government will work to restore jobs, and is “committed to assist the private sector to regain the commercial vibrance of the country prior to the pandemic.”
He said that while the nation can’t afford another lockdown, he won’t hesitate to reimpose restrictions if needed.
Earlier in the day, Senate President Vicente Sotto said at a briefing that senators will prioritise the bills on foreign ownership that Duterte backed. Meanwhile, the House will focus on next year’s budget that will aid in the nation’s pandemic fight, Speaker Lord Allan Velasco said.
Duterte used the first part of his speech to champion his drug war that has killed thousands, saying his government has gone after syndicates and reformed drug dependents.
He also backed a bill to reform the nation’s military pension system “to maintain government fiscal flexibility,” and the creation of a department for migrant workers. The president reiterated his independent foreign policy, and said he’s been asserting the Permanent Court of Arbitration’s 2016 ruling favoring the Philippines and dashing China’s expansive claims in the South China Sea.
The Covid-19 pandemic plunged the Philippines into its worst recession and soured investor sentiment.